Nigeria’s crude oil production declined to 1.31 million barrels per day (bpd) in February, marking a 10.7 per cent decrease from the 1.45 million bpd recorded in January, according to the latest report by the Organisation of the Petroleum Exporting Countries (OPEC).
The drop occurred at a time when global oil prices are surging amid escalating geopolitical tensions in the Middle East. Brent crude briefly crossed the $100 per barrel mark on March 9 — its highest level since July 2022 — before retreating to about $87 the following day.
Analysts say the production dip limits Nigeria’s ability to fully capitalise on the higher international oil prices, even as domestic fuel costs continue to climb.
OPEC data showed that Nigeria produced about 190,000 bpd below its official production quota of 1.5 million bpd. Despite the shortfall, the country maintained its position as Africa’s largest oil producer, narrowly ahead of Libya, which recorded output of 1.28 million bpd during the same period.
The oil cartel explained that the production figures were obtained from direct communication with Nigerian authorities. However, secondary sources placed Nigeria’s output slightly higher at 1.46 million bpd, indicating a marginal 0.68 per cent decline compared to January.
Overall, OPEC reported that crude production across its member countries averaged 42.72 million bpd in February, representing an increase of 445,000 bpd month-on-month.
Earlier on March 2, OPEC and its allies agreed to increase global oil supply by 206,000 bpd beginning in April, in a move aimed at stabilising the market amid geopolitical uncertainties stemming from the ongoing conflict involving the United States, Israel and Iran.
